Why Are Veritone Shares Trading Higher Premarket?

JMP Securities analyst Patrick Walravens maintained Veritone Inc VERI with a Market Outperform and raised the price target from $45 to $49, implying a 60.2% upside.
Veritone reported third-quarter FY21 revenue growth of 44% year-on-year to $22.66 million, beating the consensus of $22.03 million.
The growth reflected greater than 40% growth from its organic Software Products & Services and contributions from PandoLogic Ltd., the AI-enabled recruitment platform company acquired on September 14.
Non-GAAP EPS loss of $(0.07) topped the consensus loss of $(0.11).
"We acquired PandoLogic, which with just two weeks' contribution helped drive 44% top line growth year-over-year. Our integration is delivering synergies and providing us confidence to raise our full year 2021 revenue guidance, the midpoint of which represents over 80% growth compared to 2020," said Chad Steelberg, Chairman and CEO of Veritone.
Outlook: Veritone sees Q4 revenue of $43.8 million - $45.3 million, above the consensus of $40.2 million.
Veritone raised FY21 revenue outlook from $96.5 million - $103.5 million to $103.0 million - $105.5 million, above the consensus of $99.6 million.
Price Action: VERI shares traded higher by 16.7% at $35.7 in the premarket session on the last check Wednesday.